Top 10 Reasons You’re Not Yet A Millionaire

Becoming a millionaire isn’t as far-fetched as you would believe. With dedication, patience and focus, becoming a millionaire is completely obtainable. However, most people become their own worst enemy by holding themselves back with the following mentalities. Here are the Top 10 Reasons You’re Not Yet A Millionaire.

Being too concerned about perfection
One of the most important and valuable lessons you can learn in life is that nothing is perfect. The sooner you accept that, the sooner you can move forward, instead of being stuck in one place continually going over every small detail. If you’re starting a business, the more time you spend perfecting your product or service, the more time your competitors have to tap into your market and take away potential customers. Don’t hesitate to experiment. Get to market as soon as you can. You can always work out the kinks later while you’re still making a profit.
Spending everything you make
So you’ve just received a fat six-figure cheque. It’s tempting to go out and buy a luxury car or spend two weeks living like a king on a tropical island. But the thing is, wealthy people know how to live below their means, as opposed to spending everything that they just made. Many wealthy people live in modest homes and drive practical cars.
Setting unrealistic expectations
While it’s great to dream big, you must also set realistic expectations. Those attempting to become millionaires are well aware that it’s not going to happen overnight. It takes a lot of hard work and patience to achieve their goals. As any marathon runner will tell you, you can’t expect to run 26 miles without the proper training and conditioning. Review the progress you’ve already made, and learn where you’re headed so you can set realistic, achievable goals.
Blindly following others
Although it can be incredibly beneficial to learn from and follow those who have struck it rich, the things which worked for them may not work for you. For example, launching a company like Apple or Microsoft may not work as well today. So following how Jobs and Gates became successful step-by-step isn’t necessarily going to help. Instead, you should understand what works for you and for your business, including keeping in touch with the latest trends and market research in order to be successful in your industry.
Relying too much on loans
Credit cards and bank loans can be useful if you need to build your credit or invest in your business -as long as you’re smart with how you use them. It’s incredibly easy to get yourself into debt. That means that instead of making wise investments or putting money into your business, you’ll be busy paying off your credit card bills with those high interest rates.
Only planning short-term
The wealthy have a knack for always looking and planning for the future. They know where they want to go and what it will take for them to achieve success. This allows them to anticipate any obstacles and have a plan in place to handle those challenges. If you’re starting a new business venture, you need to have a long-term plan that addresses how to attract and retain clients and customers and outlines how you're different from the competition.
Spending time with the wrong people
The rich don’t waste their time by associating with the wrong crowd. I’m talking about the naysayers and negative people who keep telling you that you can’t achieve your dreams, or the people who are using your success to their advantage. Instead, the rich spend time with like-minded people who are driven, passionate and are thinking about how amazing their future is going to be. They are always investing in their brand.
Going it alone
Despite wearing multiple hats and being a jack-of-all trades, it’s impossible to do everything on your own. Let’s say that you just launched a start-up. You need to hire talented individuals who enhance your strengths and pick-up the slack in your weaker areas. Learn how to outsource and delegate the tasks that you’re not familiar with or aren’t as strong in. This is one the secrets that entrepreneurs rarely tell you, but it’s essential if you want your business to grow.
Not being in the right place at the right time
Whether it’s making an investment or starting a business, timing and location is everything. Take Ryan Graves, for example. He simply tweeted “hire me : )” to Travis Kalanick in 2010. Graves went from Uber’s first employee to the company’s head of global operations, and now he's estimated to have $1.4 billion in equity. So instead of daydreaming, seize the opportunities that are right in front of you.
Not believing in yourself
If you don’t truly believe you can make it, you’re probably correct. If you DO truly believe you can make it, you’re ALSO probably correct. Instead of second-guessing the moves you make, trust your instincts and go with your intuition instead of waiting for insights from those around you. As Dale Carnegie once said, "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.”